Donatella Versace has announced she is stepping down as chief creative officer after nearly 30 years at the helm. The legend of the Italian fashion industry, who has taken over the design reins since the murder of his brother and brand founder Gianni Versace in 1997, will now become the “chief brand ambassador”. Her replacement will be Dario Vitale, who served as design and image director at Miu Miu. He will officially become Versace’s new chief creative officer on April 1.
“It has been the greatest honor of my life to continue the legacy of my brother Gianni. He was a true genius and I hope I have inherited some of his spirit and tenacity,” Donatella said in a statement. She confessed that she was looking forward to seeing Versace in a new light. After transitioning to the role of chief brand ambassador, she plans to shift her focus to brand charity projects, such as the Versace Foundation, founded by parent company Capri Holdings in 2022. The foundation is committed to supporting the LGBTQIA+ community and exerting influence by raising awareness, preserving history and culture, and promoting equality, health and safety.
Capri Holdings CEO John D. Idol said the personnel changes were “part of a thoughtful succession plan.” The announcement comes as Miu Miu owner Prada Group and Capri Holdings, which own Michael Kors and Jimmy Choo, are in advanced talks to acquire Versace. Last week, Prada Group agreed to acquire Versace for nearly 1.5 billion euros (about $1.6 billion), with the two sides expected to close a deal by the end of this month.
Back in 2018, Capri Holdings acquired Versace with an ambitious goal of turning it into a brand with $2 billion in annual revenue. However, despite Versace’s highly respected fashion status, sales in the past year were only slightly more than $1 billion. The latest financial report showed that quarterly revenue fell by 28.2%, and its growth path is obviously not as good as expected.
New chief creative officer Dario Vitale, who only left Miu Miu in January this year, successfully pushed the brand founded by Miuccia Prada to grow despite the downturn in the luxury market. 2024 is shaping up to be a record year for Miu Miu, with retail business growing at a whopping 93%. Now, he’s bringing that energy to Versace. Versace CEO Emmanuel Gintzburger said in a statement: “Vitale is a rare talent who understands Versace’s core values and understands the brand’s growth potential. We believe his experience and vision will inject new perspectives into the brand.”
